Pinnacle Gas Resources, a natural gas exploration and development company that focuses on coalbed methane properties in the Rocky Mountain region and the Powder and Green River Basins, priced its 3.75 million share offering at $9, an -18% cut to the midpoint of its original $10-$12 range. While the company is pitching its technology-derived cost advantages and significant undeveloped acreage (representing 5,000 potential drilling locations), it has recently experienced declining proved reserves and a moratorium on drilling in Montana, one of its key areas. Friedman Billings, RBC Capital Markets, A.G. Edwards and Johnson Rice were the underwriters on the deal. The stock is expected to begin trading on the NASDAQ today under the symbol "PINN."
